Contract administration best practices

Objectives The objectives of the requirements outlined in this memorandum are to: Scope and Applicability Covered agencies: The Department of Defense DODthe Intelligence Community, and portions of other agencies that operate systems related to national security are subject to only certain portions of FITARA, as provided for in the statute, and shall meet with OMB no later than 60 days following the final release of this guidance to clarify the applicability of this guidance throughout their organizations and activities, including alternative requirements or exceptions.

Contract administration best practices

October 27, By Tara Naughter Contract ManagementContract Repository Successful contract administration requires some serious planning and meticulous oversight. As a result, it is crucial for a company to have a solid contract management team in place, and one that is capable of overseeing any and all contracts that are added to the portfolio.

Here are the top 5 best practices for contract administration: If the members of the contract management team are not on the same page, it will be far too easy for important contract deadlines to be forgotten or logistical issues to arise.

Thus, with contract management, it is particularly important for the team members to have strong communication skills, a keen attention to detail, and the ability to take action quickly and decisively.

Formulate a Clear Strategy Once the right team has been created, those folks will need to formulate a clear strategy regarding the manner in which they intend to manage the portfolio. In addition, the portfolio may need to be divvied up on the basis of timeframes or contract type.

As with any business operation, the only way that contract administration will succeed is by establishing concrete objectives and instituting a clear strategy from the outset. Invest in the Right Technology Investing in the right technology will be critical to staying organized and ensuring that there is appropriate contract performance and compliance.

Even if a portfolio is relatively small in the beginning, it will become impossible to keep up as more contracts are added. As a result, it is wise to invest in a dynamic solution that will accommodate contracting growth. Some key features to consider are data security, unlimited storage and users, and round the clock technical support.

Continuously Assess Operations and Outcomes There is a common misconception that contract administration merely entails making payments and monitoring deliverables, both tangible and otherwise.

Whether contracting with a vendor that will be providing goods for the company to create a product or contracting with other firms to receive professional services, all contracts involve an exchange of promises that add value to the business in some way.

Think Long Term Another issue with contract administration is that companies often just look at each individual contract based on its duration.

Contract administration best practices

Granted, some agreements will expire in six months to a year, but many will last much longer that. But, with the right mindset, some contracts can become real assets over time. Establishing relationships with contracting partners over the long haul will result in cost savings, and may even lead to other business opportunities.

As with most business operations, contract management requires a long-term approach. Welcome An information hub for best practices in contract management.

Subscribe For Blog Updates.a guide to best practices for contract administration office of federal procurement policy (ofpp) october table of contents foreword 3 contract administration.

A contract is a promise or set of promises that are legally enforceable and, if violated, allow the injured party access to legal remedies. Contract law recognises and governs the rights and duties arising from agreements.

Contract administration best practices

In the Anglo-American common law, formation of a contract generally requires an offer, acceptance, consideration, and a mutual intent to be bound.

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The procurements a sponsor makes under the AIP must comply with all applicable federal contract provisions as established by various laws and regulations. The requirements for the provisions will vary depending on the type and size of the procurement action.

Typically, procurement actions under the. Best practices in the contract administration phase include using a formal contract administration methodology with trained and experienced cross-functional team members competent in contractor performance measurement.

Article describes four contract management best practices. There's also a link to a free white paper for the top ten contact management best practices.

The Best Practices for Contract Management | Bizfluent